bulk annuity
National Grid agrees £1.6bn buy-in with L&G in second deal this year
The National Grid UK Pension Scheme has agreed its second buy-in this year, transferring £1.6bn of pension risk to Legal & General (L&G).
Insurers are letting down small DB schemes
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
PIC converts Scottish Hydro-Electric Pension Scheme longevity swap into £750m buy-in
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.
Aviva completes £1.7bn buy-in with its staff pension scheme
Aviva Life and Pensions UK has completed a £1.7bn bulk annuity buy-in with the Aviva Staff Pension Scheme.
2019's 'jumbo' bulk annuities bigger than any full-year volume
Small schemes are facing “obvious challenges” in grabbing insurer attention as “jumbo” deals are beginning to typify the bulk annuity market, Aon says.
Exclusive: FTSE 100 risk settlement transactions hit £70bn
FTSE 100 risk settlement transactions have reached £70bn as a third of these firms remove longevity risk, according to Aon.
Five stories you may have missed this week
This week’s top stories include Thomas Cook’s four pension schemes being poised to enter a Pension Protection Fund assessment period.
Allied Domecq agrees £3.8bn buy-in with Rothesay Life to take 2019 deals past £30bn
The Allied Domecq Pension Fund has insured £3.8bn of members’ benefits with Rothesay Life, in the market’s largest deal to cover both pensioner and deferred members.
Rothesay Life agrees £4.7bn buyout of GEC scheme; Biggest ever deal smashes 2018 volumes
Rothesay Life has agreed the UK’s largest ever bulk annuity deal to date – a £4.7bn buyout of the GEC 1972 Plan, making 2019 officially a record-breaking year.
'Fashionable' buy-ins delaying journey to buyout
Pension schemes could be accidentally pushing themselves further from their endgame by agreeing “fashionable” buy-ins with insurers.
Schemes urged to act on bulk annuities as funding 'crumbles'
Defined benefit (DB) schemes should act now to insure members’ benefits before an “anomaly” in the markets is corrected, Prudential Retirement has said.
Five stories you may have missed this week
This week’s top stories included The Pensions Regulator launching a prosecution against the director of a professional trustee firm, and the regulator approving five master trusts.
L&G agrees £35m buyout with Edwards Wildman Palmer scheme
Legal & General (L&G) has entered into an agreement with US law firm Locke Lord for a £35m buyout of UK-based Edward Wildman Palmer pension scheme.
Rothesay Life secures record year with £3.7bn bulk annuity deals in H2
Rothesay Life has completed £3.7bn of bulk annuity transactions so far in the second half of this year, according to its latest trading update.
The potential pitfalls of a buy-in
While buy-ins can provide an immediate reduction to liability values, schemes run the risk of retaining key risks and storing up problems, says Jos Vermeulen
Just Group exploring DB de-risking partnership while bulk annuity deals fall
Just Group is exploring a defined benefit (DB) de-risking partnering approach as part of the development of a capital light fee business, according to its half-year results.
Sportech scheme completes buy-in with Just
The Sportech Pension Scheme has entered into an agreement with Just Group for a £2.5m buy-in ahead of a planned buyout.
Rothesay Life completes £700m of bulk annuity deals in H1
Rothesay Life completed around £700m of bulk annuity transactions in the first half of 2019, according to its latest trading update.
Smiths Group scheme conducts £176m buy-in with Canada Life
The Smiths Industries Pension Scheme has secured a £176m buy-in with Canada Life, its second with the insurer.
Bulk annuity transactions will top £15bn in H1, predicts LCP
Lane Clark and Peacock (LCP) has predicted the total volume of buy-ins and buyouts will surpass £15bn in the first half of this year, more than double 2018 H1 volumes.
PIC signs £5.8bn of bulk annuity business in H1
Pension Insurance Corporation (PIC) has so far racked up £5.8bn of buyouts and buy-ins with defined benefit schemes this year, while reinsuring £7bn of longevity risk, it has revealed.
How Rolls-Royce completed its £4.6bn buyout with L&G
Following Rolls-Royce's record buyout earlier this month, James Phillips speaks to some of the key players about the process.
Legal & General completes £95m buy-in with 3i scheme
The 3i Group Pension Plan has agreed a £95m bulk annuity transaction with Legal & General (L&G).
Merrill Lynch scheme completes £400m buy-in with Scottish Widows
The Bank of America Merrill Lynch UK Pension Plan has insured benefits for 915 pensioner members in a £400m buy-in with Scottish Widows.
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